There’s a reason why 89% of recent home buyers used a buyer’s agent when buying their home. Going at it alone can have expensive consequences — not to mention the home buying process will be a lot more stressful.
Let’s look at the top four reasons why you should hire a buyer’s agent.
To Have a Professional Opinion
Even if you’re familiar with the real estate process, it’s unlikely that you will intimately know the local market where you plan to purchase. An agent that works in that market will have important insights that can save you from making expensive mistakes.
Additionally, by constantly viewing dozens of homes each month, a buyer’s agent has honed their skills on what to look for. They’ll notice and point out things you might never catch. Of course, you’ll probably hire a home inspector who will warn you about major problems, but their keen eye can spot common problems before your waste money on an inspection.
To Have a Professional Protecting Your Interests
A lot of negotiating happens during the real estate process. Are you an experienced negotiator? Even if you think you can swing it, remember, you’re going up against a professional who has the seller’s interests in mind. Unless you have your own experienced professional at the table, it’s likely you’ll get the short end of the deal.
To Have Access to a Network of Trusted Professionals
You’ll need to work with several professionals throughout the home buying process. For example, a home inspector or an appraiser.
Your buyer’s agent has already built a network of reputable professionals they’ve worked with before. Whoever you need, your buyer’s agent is a trusted resource who can send you the right people.
You’re Already Paying for It
You may have heard that a buyer’s agent is free because the seller pays for it. In most cases, the seller does cover the real estate agent commission. However, the seller prices their home with this in mind.
In other words, you’re paying a higher price for the home because the seller knows they have to cover this expense.
The commission is set before the home goes on the market regardless of whether there’s a buyer’s agent or not. The two agents share portions of it or the full amount goes to the seller’s agent if you didn’t hire a buyer’s agent.
See? By not hiring a buyer’s agent you sacrifice all the benefits and don’t actually save any money.